Tuesday, December 6, 2022

AU Small Finance Bank And ICICI Lombard Announce “Bancassurance Tie-Up”

AU Small Finance Bank, India's leading small finance bank (by balance sheet size) entered into a Bancassurance tie-up with ICICI Lombard General Insurance. The partnership will provide the Bank’s diverse customers access to the insurer’s portfolio and enhance penetration across India. 

AU Bank is rapidly expanding its distribution footprints across India and this tie-up between two giants in their respective industries will aim to further enrich its general insurance offering with agile, digital & paperless solutions offered by ICICI Lombard. The entire suite of products will be offered across 980+ banking touchpoints spread over 20 states & 2 union territories. The customer centric products will provide long term financial security to customers and their families. With both organizations believing in offering the best to the customers through innovation and consistency, this partnership would offer customers the best of both worlds.  

Speaking about the partnership Mr. Sanjeev Mantri, Executive Director, of ICICI Lombard said, “At ICICI Lombard, we are constantly striving to reach out to consumers and businesses to provide them with effective risk management solutions based on their evolving needs. We are delighted to collaborate with AU Small Finance Bank to offer an entire scope of financial propositions to deepen our customer relationships. This will only improve our resourcefulness to boost services through value-enhancing offerings. The technology-driven and customer-centric approach of both partners make this collaboration an ideal alliance between two brands, which eventually paves the way for organised customer-centric growth”.  

Highlighting the key aspects of this strategic partnership, Mr. Uttam Tibrewal, Executive Director, AU Small Finance Bank, said, “AU Small Finance Bank always prides in providing customer centric solutions and services. Expanding our bouquet of financial services and customer value proposition, we wanted to associate with additional general insurance partner to add value to our existing range of products & services while helping our customers plan for better financial security. We welcome ICICI Lombard as our valued insurance partner who, we believe, has the ability and experience to understand customers’ needs and offer them customized need-based solutions and provide seamless services. I am sure, the customer-friendly products of ICICI Lombard, combined with our extensive presence and robust technological capabilities, will be the right mix to increase insurance penetration.” 

About AU Small Finance Bank:     

AU Small Finance Bank Limited (AU Bank) is a scheduled commercial bank, a Fortune India 500 Company, and the largest Small Finance Bank in the country. Starting its journey from the hinterlands of Rajasthan, today AU Bank is the largest Small Finance Bank with a deep understanding of the rural and semi-urban markets that has enabled it build robust business model facilitating inclusive growth. With 27+ years legacy of being a retail focused and customer- centric institution, AU started its banking operations in April 2017 and as on 30th September 2022, it has established operations across 980 banking touchpoints while serving 33.3 Lakh customers in 20 States & 2 Union Territories with an employee base of 28,677 employees. The Bank has a net worth of ? 10,114 Cr, deposit base of ? 58,335 Cr and Gross Advances of ?52,452Cr. AU Bank enjoys the trust of marquee investors and is listed at both the leading stock exchanges viz. NSE and BSE. It has consistently maintained a high external credit rating from all major rating agencies like CRISIL, CARE Ratings and India Ratings. 

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